Craig E. Cook: Insurance commissioner not using power of office

Posted: Thursday, November 03, 2005

As a self-employed small business owner, I have watched health insurance premiums for my wife and me escalate from $300 a month three years ago to nearly $900 monthly at the end of 2004. During that time, we have been forced to dramatically reduce the level of our coverage. Now our insurance company has informed us our premium will increase another 35 percent Jan. 1.

When I called state Insurance Commissioner John Oxendine to task, he danced around skyrocketing health insurance costs by claiming his office has no authority to directly regulate premiums. That's probably true. But his office does have authority to prevent insurance companies from issuing any new, profitable products.

With that authority, Oxendine easily could cause companies to back off huge annual premium increases, simply by letting them understand new products can't be approved so long as they gouge consumers. It's called using leverage. Sort of like the leverage those same companies expect when they fund perks or contributions for certain politicians. A consumer begins to wonder to whom certain elected politicians give priority - everyday citizens, or the insurance companies.

Clearly, Oxendine is not using the full power of his office to protect Georgians. Perhaps it's time for him to do so, or to step aside to allow someone else to protect us from a new breed of robber baron.

I, for one, can't afford to continue being "protected" by Oxendine's current policies. But I'm also ready to be his supporter if and when he gets back the money we've all been gouged out of for years. The ball's in your court, Commissioner.